Centre announces successful trial run of new pension system

The pilot run of the proposed Centralised Pension Payments System (CPPS) under the employees’ pension scheme (EPS) of the Employees Provident Fund Organisation (EPFO) is successful, the Union Labour Ministry said on Friday. Pension worth more than ₹11 crore was disbursed to 49,000 EPS pensioners of Jammu, Srinagar and Karnal Regions for October, 2024, under the new system.
Announcing the success of the trial of CPPS, Union Labour Minister said the pilot run was completed on October 29 and 30. The new system, to be implemented nationwide by January 2025, will help more than 78 lakh EPS pensioners to receive their pension from any bank, any branch, anywhere in the country.
Union Labour Minister had earlier said that the initiative addresses long-standing challenges faced by pensioners and ensures a seamless disbursement mechanism. “This is a crucial step in our ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organisation, committed to serving the needs of its members and pensioners better,” he had said.
“The CPPS system would ensure disbursement of pension throughout India without any need for transfer of Pension Payment Orders from one office to another even when the pensioner moves from one location to another or changes his bank or branch. This would be a great relief